Combined Group Contracting Company (CGC) has announced it has secured a new infrastructure contract in Bahrain, worth a total of KWD28.9mn, of which CGC has a 50% share. This brings CGC’s total awards to date to KWD91.2mn, up 14% Y-o-Y. Our numbers incorporate a total of KWD390mn in total awards in 2016, down 15% Y-o-Y, compared to an exceptionally strong year in terms of new awards, which came with a concentration in 2H15. We note that gross profit margins for contracts outside of Kuwait have been relatively lower than those in Kuwait, pressuring overall margins - a trend we have seen in 4Q15 and 1Q16. (Company disclosure, Mai Attia, Sara Boutros)   Combined Group Contracting: KWD0.78 as of 12 June 2016, Rating: Neutral, FV: KWD0.74/share, MCap: USD319mn, CGC KK / CGCK.KW